Cheers! Wetherspoons boss Tim Martin cashes in £50m of shares

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Hard times: Wetherspoons boss Tim Martin (pictured with Boris Johnson) has had to close most of its 875 pubs and send most of its 43,000 staff home


Cheers! Wetherspoons boss Tim Martin cashes in £50m of shares following successful fund-raising

Wetherspoons founder Tim Martin has cashed in £50million of shares following a successful fund-raising.

The massive windfall followed two £5million sales last year and his stake has now dropped to 21.8 per cent, worth £328million. 

The 65-year-old chief executive has had to close most of its 875 pubs and send most of its 43,000 staff home.

Hard times: Wetherspoons boss Tim Martin (pictured with Boris Johnson) has had to close most of its 875 pubs and send most of its 43,000 staff home

Wetherspoons also used a Government loan of £48.3million loan to navigate months of closure.

But last week the FTSE 250 firm’s share price jumped after it raised £93.7million from investors to buy up pubs ‘at favourable prices’ from struggling rivals. 

Martin sold 4.3m shares at £11.50 in response to significant buying interest last week.

He has pledged not to sell until at least September as part of a ‘lock-up arrangement’. 

Shares fell 1 per cent to 1168p yesterday. 

The stock was more than 1600p before the pandemic and hit a low of 559p in March.

The company was founded in 1979 and floated in 1992. Martin has previously been forced to quash speculation that he is planning to retire.

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